A&A news

A&A

Mark Your Calendar: Auditing in a Small Business Environment

The Public Company Accounting Oversight Board (PCAOB) is bringing the Forum on Auditing in the Small Business Environment to Orlando, Florida on August 4 and 5, 2005. The two-day program, hosted by Board Member Kayla J.
A&A

IASB and FASB Publish First Major Exposure Draft Standard

The International Accounting Standards Board (IASB), based in London, and the US Financial Accounting Standards Board (FASB) have announced publication of an Exposure Draft containing joint proposals to improve and align accounting for business combinations.
A&A

SAP Safe Passage Program Extended to Small/Midsize Enterprises

Small and midsize enterprises (SMEs) considering migrating to SAP but with technology investments in PeopleSoft or JD Edwards solutions can now take advantage of the SAP(R) Safe Passage program. The program allows these enterprises to join its network of channel partners with access to nearly 600 mySAP(TM) All-in-One solutions that are based on industry best practices. These solutions are designed to provide a bridge between the usual end of the lifespan of their current solutions and any anticipated improvements being delayed by their acquisition of Oracle.
A&A

Not All Faxes Are Junk

In passing the Junk Fax Prevention Act of 2005 on Wednesday, June 29, Congress acted to stop junk faxes without preventing small businesses from communicating with customers they have established relationships with.
A&A

IRS Resource Helps Small Business with Retirement Plans

A new CD-ROM from the Internal Revenue Service (IRS) outlines everything small business owners need to know to establish and maintain Individual Retirements Arrangement-based retirement plans for their employees.“IRA Resource Guide for Small Business Owners and Individuals” provides entrepreneurs with information about traditional and Roth IRAs as well as IRA-based retirement plans for employers including simplified employee pensions (SEPs), simple IRAs and payroll-deduction IRA plans.
A&A

eBay Accounting Assistant Available For Use With QuickBooks

The release of the eBay Accounting Assistant helps eBay sellers make better, more informed decisions. Developed using the QuickBooks® Software Development Kit, Accounting Assistant automatically downloads a seller’s eBay and PayPal transaction information into QuickBooks, allowing them to track their business financials and make better business decisions with greater ease. PayPal is an eBay company.According to Intuit, 80% of all small businesses use QuickBooks.
A&A

AICPA Endorses Bill Extending Benefits to Small Business Employees

The American Institute of Certified Public Accountants (AICPA) has written Senator Olympia Snowe (R-ME) commending her introduction of S. 723, the SIMPLE Cafeteria Plan Act of 2005.
A&A

The Definition of Small

Next week the Small Business Administration (SBA) wraps up a month of public hearings on small business size standards. The public hearings, including today’s in Dallas, are part of an effort to gather input from small business owners across the nation to help the SBA update their size standard regulations. The SBA’s size standards and related regulations have come under fire recently when a report surfaced indicating that contracts earmarked for small businesses had in fact gone to large businesses.
A&A

Health Care Spending Races Ahead of Income Increases

Spending on health care rose by 8.2 percent last year, outpacing spending increases in other areas and outstripping average growth in income, a new study says.The spending increase was slower than in past years - it peaked at 11.3 percent in 2001, for example - but it outpaced gross domestic product, which increased by 5.6 percent, Forbes.com reported. In the most recent 12-month period, prices for health care rose by 4.3 percent, compared with 2.8 percent for prices overall, according to the U.S.
A&A

East Meets West: Japanese Businessman Takes US Accounting Home

In a true “east meets west” scenario, Japanese businessman Motoyoshi Hirose came to the United States several years ago to investigate the possibilities of obtaining the Japan franchise for a U.S.-style franchise accounting firm. His Internet research soon led him to Fiducial.Since that time, Hirose has met on several occasions with Fiducial representatives including Yves Morard-Lacroix, executive vice president; Howard Margolis, director of field support and development, and Bill Morice, director of field operations.Hirose, who serves as president of ACCS Consulting Co., Ltd.
A&A

Convergys Acquires Deloitte’s F&A BPO Businesses

Deloitte Consulting Outsourcing LLC, a subsidiary of Deloitte Consulting appears to be taking the advice of its own research by exiting the finance and accounting (F&A) business process outsourcing (BPO) segments of the market. A definitive agreement was announced between Deloitte Outsourcing and Convergys Corporation on Friday, June 17.InformationWeek reports that Deloitte said in a report issued in April, 2005, that many organizations were bringing information technology (IT) and business operations back in-house as they became increasingly disillusioned with outsourcing.
A&A

Security Lapse Leaves Millions Open to Fraud

“Be careful who you give your personal information to” has become a consumer mantra in recent months. A recent security breach at CardSystems Solutions, however, demonstrates that it is not enough for consumers to safeguard their information. Businesses, too must be vigilant and carefully examine the firms they exchange information with.CardSystems Solutions processes electronic payments for more than 105,000 small and mid-sized businesses.
A&A

Travel doesn't have to be a budget-buster for small businesses

Most small business travelers don’t belong to a business travel club. According to a recent survey by the American Small Business Travelers Alliance (ASBTA), that means they are missing out on discounted rates, reward points and other travel benefits that could make business travel more affordable and enjoyable.“Surprisingly, the survey revealed that almost 70 percent of respondents indicated that they are not taking advantage of travel clubs,” says Chuck Sharp, ASBTA President.
A&A

SEC Staff Report on SOX Section 401(c) Includes FASB Comments

The Securities and Exchange Commission (SEC) on Tuesday released a staff Report and Recommendations Pursuant to Section 401(c) of the Sarbanes-Oxley (SOX) Act of 2002 On Arrangements with Off-Balance Sheet Implications, Special Purpose Entities and Transparency of Filings by Issuers. The report include several recommendations from the Financial Accounting Standards Board (FASB).“We provided input to and have discussed the content of the report with the SEC staff.
A&A

Farm Subsidies Use "Creative Accounting"

The United States and the European Union are using “creative accounting” to mask the huge subsidy payments they are making to their farmers, undermining international talks, according to Oxfam.Oxfam, the British aid agency, said rich countries had promised to eliminate export subsidies by 2016, but they are encouraging farmers, through subsidies, to produce excess goods and dump them on the world market, the Associated Press reported."Rich countries are dodging the commitments they've made to reduce subsidies that hurt poor farmers overseas," said Celine Charveriat, head of Oxfam's M
Practice Management

Office Costs Increasing

If you rent office space, you probably already know that office rent rates rose in 2004.
Education & Careers

Small Businesses Cautiously Bump Up Hiring; CFOs Less Upbeat

While overall job growth is below expectations, small businesses seem somewhat more optimistic about the economy than their counterparts at big corporations.Small businesses are slowly increasing their hiring, and a new index of small business optimism rose by 1 point last month to 100.8, Reuters reported. The index, by the National Federation of Independent Business (NFIB), shows small business owners are “quite optimistic” about the economy, at least in the short term, NFIB Chief Economist William Dunkelberg said in a statement.
A&A

E-Payments Increasing for Consumers, Businesses

More businesses are turning to electronic payments as a way to save money and manage cash flow more efficiently.Businesses are offering direct deposit to their employees, making payments to vendors electronically and accepting electronic payments through their websites or through monthly debits to checking accounts.
A&A

Start-ups May Need to Look Beyond Venture Capital

Venture capitalists invested $4.6 billion in 674 companies during the first quarter of 2005 according to the MoneyTree Survey by PricewaterhouseCoopers, Thomson Venture Economics and the National Venture Capital Association. First-time fundings of $1.2 billion in 197 firms, approached a two year high despite a slight decline in venture capital investing overall from the $5.4 billion invested in the fourth quarter of 2004.“We’re seeing a natural ebb and flow in the level of investing.
Tax

Many Unaware of Kentucky’s June 15 Tax Law Deadline

Under Kentucky House Bill 272, also known as the tax modernization plan, many companies will need to pay 50 percent of their estimated tax for 2005 to the State Department of Revenue by Wednesday, June 15, 2005. According to Business First of Louisville, HB 272 brings sweeping changes to the business community including eliminating Kentucky’s corporate license tax and repealing the intangibles property tax.

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